Business of the House

Lord Kennedy of Southwark Excerpts

Wednesday 6th December 2023 Lords Chamber

[Lord True (Con)]

My Lords, many thousands of statutory instruments are tabled in draft every year under every Government. It is not usual to make a Statement in Parliament on rescheduling statutory instruments. In relation to these draft regulations— I am grateful to the noble Lord for giving me notice on the subject about which he was concerned—the department had carried out a call for evidence to inform a review of existing non-financial reporting. This high- lighted strong support from both UK business and investors for existing company reporting to be simplified and streamlined. The Government therefore decided that it would be better to consider the reporting measures contained in the draft regulations alongside wider reforms to deliver a more targeted and effective corporate reporting framework. I know that the noble Lord is a great enthusiast for laying regulations on business, which does, in fact, destroy jobs in the end, but there is a wider review going on. I hope that the noble Lord will accept that explanation.

[Lord Kennedy of Southwark (Lab Co-op)]

My Lords, getting back to the Motion before us, can I just confirm that this was agreed by the usual channels? I am very happy that it was. The process has been used before with very similar legislation. I am grateful to the Leader of the House for setting out how the process will work next week. This Bill will put money in people’s pockets. We support it and I hope that we can agree the Motion.

[Lord True (Con)]

I am very grateful for that.